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Pharoah Choice sells natural supplements to customers with an unconditional sales return if they are...

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Accounting

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Pharoah Choice sells natural supplements to customers with an unconditional sales return if they are not satisfied. The sales returns period extends 60 days. On February 10, 2021, a customer purchases $4400 of products (cost $2200). Assuming that based on prior experience, estimated returns are 30%. The journal entry to record the actual return of $290 of merchandise includes a O debit to Estimated Inventory Returns for $145. O debit to Returned Inventory for $145. O credit to Returned Inventory for $145. O credit to Allowance for Sales Returns for $290, Save for Later Attempts: 0 of 1 used

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